Key Conclusion
- I have sold all of my existing KODEX TDF2050 Active in IRP safe assets and switched to TIGER TDF2045.
- Comparison of U.S. Market Investment Proportions in Major TDF ETFs (as of March 2025)
– TIGER TDF2045 → 79.0% of the total portfolio is invested in the U.S. market.
– KODEX TDF2050 Active → 49.5% of the total portfolio is invested in the U.S. market.
– ACE TDF2050 Active → 57.14% of the total portfolio is invested in the U.S. market.
Background of the Review
As I mentioned in a previous post, I had been investing in KODEX TDF2050 Active as my IRP safe asset. For your information, the table below shows my portfolio of personal pension accounts such as retirement savings and ISA accounts.
| Account | KODEX S&P500 (379800) | KODEX NASDAQ 100 (379810) | KODEX TDF2050 Active (434060) | Total |
| Pension Saving | 50% | 50% | – | 100% |
| IRP | 70% | – | 30% | 100% |
| ISA | 50% | 50% | – | 100% |
It has been nearly two years since I invested in KODEX, but recently, I came across an article announcing the launch of TIGER TDF2045. Curious about its composition, I reviewed the portfolio and immediately decided to switch. Let’s take a detailed look at why.
Comparison of Major TDF ETFs
Since I still have a long time until retirement, it is beneficial to choose a safe asset with a higher proportion of stocks. The number in the ETF name indicates the target retirement year, and the further the retirement date, the higher the stock allocation. Fund managers periodically rebalance stock and safe asset (bonds, etc.) allocations, increasing the proportion of safe assets as the retirement date approaches.
I searched for TDF ETFs currently available in the market and found a total of 16 options. To narrow down my choices, I focused on ETFs with the latest target retirement dates while also considering liquidity and sustainability. There needs to be a certain level of trading volume and transaction value, so I ultimately selected three ETFs for review.
| ETF | Asset Management by | Commision Rate | Trading Volume (as of 3/26) | Trading Amount (Uni: thousands KRW)(as of 3/26) |
| KODEX TDF2050 Active | Samsung | 0.30% | 148,999 | 2,161 |
| ACE TDF2050 Active | Korea | 0.35% | 92,830 | 942 |
| TIGER TDF2045 | Mirae Asset | 0.19% | 895,795 | 9,060 |
TIGER TDF2045 has high trading volume, likely due to aggressive marketing after its launch. It will take a few months to get a clear comparison of normal trading volume and transaction values, but this ETF seems positioned to be one of the “Big 3” TDF ETFs.
Stock funds with more than 40% equity allocation are classified as risky assets in retirement accounts. However, “Qualified TDFs” with stock allocations below 80% are considered safe assets, allowing full investment of retirement pension funds. Since TDFs gradually increase their safe asset allocations as they approach retirement, this classification is recognized. This explains why TIGER TDF2045 has a 79% stock allocation. (Source : https://news.einfomax.co.kr/news/articleView.html?idxno=4340686)
TIGER TDF2045
https://blog.naver.com/m_invest/223800602062
This ETF follows a 20-year plan:
- For the first 15 years, it decreases the stock allocation by 1% from 79% annually while increasing the bond allocation by 1% from 21%.
- In the last 5 years before retirement (2045), it adjusts the allocation by 5% annually.
- By retirement, the stock-to-bond ratio will be 39% to 61%.
On average, over the next 20 years, 66% of the fund is expected to be invested in the U.S. S&P 500 and 34% in bonds. For a safe asset, this is a relatively high stock allocation, particularly with a concentrated focus on the U.S. market.
A closer look at its composition reveals that its bond holdings consist of domestic government and monetary stabilization bonds, while its equity holdings are structured to mirror the S&P 500.
I decided to sell my entire investment in KODEX TDF2050 Active and switch to TIGER TDF2045. The primary reasons are TIGER has higher average stock allocation and also exclusive focus on the U.S. market rather than global diversification.
KODEX TDF2050 Active
I initially chose KODEX TDF2050 Active as a safe asset two years ago, and at that time, a significant portion of its portfolio was allocated to the S&P 500.
However, upon reviewing its latest portfolio composition, I noticed some changes. While the overall stock/bond ratio remains similar, the fund has shifted from a U.S.-centric portfolio to a more globally diversified one. Even though a majority of its investments are still in the U.S., Samsung Asset Management appears to be focusing on diversification to reduce volatility.
To analyze this shift further, I examined the specific global ETFs within its holdings:
- VT
- SPGM
- ACWI
Since they were investing mainly in top companies based on global market capitalization, I wanted to check which market they were investing in rather than individual stocks. This is because I was curious about the proportion of investments in the U.S. market.
VT
VT (as of February 2025) → 63.9% invested in the U.S.
Top proportion of obvious investments
SPGM
SPGM (as of March 2025) → 63.28% invested in the U.S.
Top proportion of obvious investments
ACWI
ACWI (as of March 2025) → 64.29% invested in the U.S.
Top proportion of obvious investments
By aggregating the allocations of these ETFs, the KODEX TDF2050 Active’s estimated U.S. market investment proportion is around 49.5%, significantly lower than TIGER TDF2045’s 79%. Since I strongly favor U.S. market investments, I decided to liquidate my holdings in KODEX.
ACE TDF2050 Active
| NO | Investment | % |
| 1 | SPDR Portfolio S&P 500 Growth ETF | 18.42 |
| 2 | ACE S&P500 | 15.96 |
| 3 | iShares Gold Trust Micro | 13.48 |
| 4 | Vanguard Value ETF | 11.7 |
| 5 | ACE Bond (AA- or above)KIS Active | 10.81 |
| 6 | ACE Gov Bond 10y | 8.76 |
| 7 | Vanguard FTSE Emerging Markets ETF | 4.57 |
| 8 | Vanguard Growth ETF | 4.44 |
| 9 | SPDR S&P500 ETF | 3.69 |
| 10 | Schwab U.S. Large-Cap Value ETF | 2.93 |
| 11 | KODEX Bond (AA- or above ) Active | 2.68 |
| 12 | Vanguard FTSE Developed Markets ETF | 2.56 |
ACE TDF2050 Active’s portfolio (as of March 2025) includes multiple ETFs with U.S. market exposure as bolded. Summing these allocations, its U.S. market investment proportion is 57.14%, slightly higher than KODEX but still lower than TIGER.
Final Decision
Among the available options, TIGER TDF2045 currently has the highest U.S. market allocation. Even over the next 20 years, it is expected to maintain the highest proportion of U.S. investments. Given this, I have sold my previous safe assets and reinvested in TIGER TDF2045.
If TDF 2055, 2060, or 2065 funds are introduced in the future, I may reconsider my allocation. At that time, I will either sell and switch again or keep my existing investments while adding new funds to my portfolio.
Moving forward, I plan to manage my portfolio based on this revised allocation strategy.
| Account | KODEX S&P500 (379800) | KODEX NASDAQ 100 (379810) | TIGER TDF2045 (0025N0) | Total |
| Pension Saving | 50% | 50% | – | 100% |
| IRP | 70% | – | 30% | 100% |
| ISA | 50% | 50% | – | 100% |
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